Earlier this week, Variety reported that Ubisoft had launched Ubisoft Motion Pictures, a film company that would adapt its franchises into movies and TV shows. But that has turned out to be not exactly correct.

Jean-Julien Baronnet, the former CEO of Luc Besson’s EuropaCorp, was said to be running the outfit while producer Didier Lupfer would take point on production and development, and former Disney France exec Jean de Rivieres would be in charge of marketing and international sales.

While Ubisoft did not respond to IGN’s request for confirmation of the Variety story, The L.A. Times is running a report today which clarifies this situation: The games company has technically not started up its own movie studio.

“But it does want in the movie business,” says the site, adding that Jean-Julien Baronnet has in fact been hired to that end.

So what is Ubisoft Motion Pictures then? “A boutique division within the French game company whose charter is to seek Hollywood studio partners to bring its popular game franchises to the big screen,” Baronnet tells The Times. The plan is not to launch its own studio, ala Marvel, however, or to hand over licenses to Ubisoft franchises “to any studio that comes calling with a checkbook.”

Baronnet, who also confirms Lupfer and de Rivieres’ involvement, says Ubisoft has three requirements: “The first is creative control, so we can be involved in the scriptwriting and production. The second is a royalty structure that ensures the financial security of our investments. And the third is a level of comfort that the production is of the highest quality.